Homework Answers
The tax-exempt interest is excluded from taxable income. The tax status of Mo is Single and following tax rates shall be applicable as per 2019.
|
Range |
Tax rate |
Federal tax |
|
0 to 9700 |
10% |
970 |
|
9700 to 39,475 |
12% |
3573 |
|
39,475 to 84,200 |
22% |
9839.5 |
|
84,200 to 96,900 |
24% |
3048 |
|
Tax liability (rounded off) |
17,431 |
- Mo’s taxable income is $ 96,900
- Mo’s tax liability is $ 17,431
- Marginal tax rate is a tax rate that is charged on the last dollar earned which is in this case = 24%
- Mo’s average tax rate = total tax/ taxable income = 17,431/96900 = 17.988% rounded off to 18%
- Mo’s effective tax rate = total tax/effective income = 17,431/(96,900+5000) = 17.106 % rounded off to 17.1 %
Add Answer to:
1. Mo is a single taxpayer reporting $96,900 of gross income. In addition, Mo receives $5,000...
Alan is a single taxpayer with a gross income of $88,000, a taxable income of $66,000,...
Alan is a single taxpayer with a gross income of $88,000, a taxable income of $66,000, and an income tax liability of $10,460 for 2018. Alan also has $8,000 of tax-exempt interest income. What are Alan's marginal, average, and effective tax rates? 22% marginal; 14.5% average; 15.8% effective. 24% marginal; 14.5% average; 15.8% effective. 12% marginal; 15.8% average; 14.1% effective. 22% marginal; 15.8% average; 14.1% effective.
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment...
Marc, a single taxpayer, earns $60,000 in taxable income and $5,000 in interest from an investment in city of Birmingham bonds. Using the U.S. tax rate schedule for 2019, how much federal tax will he owe? (Round your final answer to the nearest whole dollar.) (Use tax rate schedule.) $13,200 $7,638 $6,812 $9,059 None of the choices are correct
Loriann, a single taxpayer, had the following income and deductions for the tax year 2019 First...
Loriann, a single taxpayer, had the following income and
deductions for the tax year
2019
First calculate the gross income, then calculate taxable income
and the federal tax liability. (Calculate the tax using the tax
rate schedule. Do not round interim tax calculations. Round the
amount entered into the cell to the nearest whole dollar. If an
input field is not used in the table, leave the input field
empty; do not select a label or enter a zero.)
INCOME:...
Federal Income tax 2020 1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and...
Federal Income tax 2020
1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: INCOME: Salary $100,000 Business Income 25,000 Interest income from taxable bonds 10,000 Tax-exempt bond interest 5,000 TOTAL INCOME 140,000 DEDUCTIONS: Business expenses $ 9,500 Itemized deductions 20,000 TOTAL DEDUCTIONS 29,500 a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and ignore the qualified business income deduction for this problem). b. Compute Latesha's marginal,...
s Chapter 1 PROBLEM l:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and...
s Chapter 1 PROBLEM l:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2018: Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $80,000 25,000 10,000 5,000 120,000 INCOME DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS $ 9,500 20,000 29,500 a. Compute Latesha's taxable income and federal tax liability for 2018 (round to dollars b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes,...
For tax purposes, "gross income" is all the money a person receives in a given year from any sour...
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
Susan is single with a gross income of $120,000 and a taxable income of $98,000. In...
Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income. (2019) What is her total tax? What is her marginal tax? What is her average tax rate? What is her effective tax rate?
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB...
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had...
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had the following income Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $ 80,000 25,000 10,000 5,000 120,000 INCOME: $ 9,500 20,000 29,500 DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS a. Compute Latesha's taxable income and federal tax liability for 2018 (round to b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes, which of the...
Calculation of Tax Liability, Marginal, Average and Effective Tax Rates (LO. 1) Susan is single with...
Calculation of Tax Liability, Marginal, Average and Effective Tax Rates (LO. 1) Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income. paid on the next dollar of income v The marginal tax rate is the rate of tax that would a. The average tax rate is the rate of tax paid on the total tax base v b. The effective tax rate...
Loriann, a single taxpayer, had the following income and
deductions for the tax year
2019
First calculate the gross income, then calculate taxable income
and the federal tax liability. (Calculate the tax using the tax
rate schedule. Do not round interim tax calculations. Round the
amount entered into the cell to the nearest whole dollar. If an
input field is not used in the table, leave the input field
empty; do not select a label or enter a zero.)
INCOME:...
Federal Income tax 2020
1:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2019: INCOME: Salary $100,000 Business Income 25,000 Interest income from taxable bonds 10,000 Tax-exempt bond interest 5,000 TOTAL INCOME 140,000 DEDUCTIONS: Business expenses $ 9,500 Itemized deductions 20,000 TOTAL DEDUCTIONS 29,500 a. Compute Latesha's taxable income and federal tax liability for 2019 (round to dollars and ignore the qualified business income deduction for this problem). b. Compute Latesha's marginal,...
s Chapter 1 PROBLEM l:1-39 Tax Rates. Latesha, a single taxpayer, had the following income and deductions for the tax year 2018: Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $80,000 25,000 10,000 5,000 120,000 INCOME DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS $ 9,500 20,000 29,500 a. Compute Latesha's taxable income and federal tax liability for 2018 (round to dollars b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes,...
If any could please help with
question E & F
Answer for Question C is $37,500
For tax purposes, "gross income" is all the money a person receives in a given year from any source. But income taxes are levied or "taxable income" rather than gross income. The difference between the two is the result of many exemptions and deductions. To see how they work, suppose you made $50,000 last year in wages, earned $10,000 from investments, and were given...
Linette, a single taxpayer, had the following income and deductions for the tax year 2018 EEB (Click the icon to view the income and deductions.)(Click the icon to view the standard deduction amounts.) (Click the icon to view the 2018 tax rate schedule for the Single filing status.) Read the requirements Requirement a. Compute Linette's taxable income and federal tax liability for 2018 First calculate the gross income, then calculate taxable income and the federal tax lability. (Calculate the tax...
PROBLEMS Tar Rates Latesha, a tax year 2018: :1-39 Tax Rates. Latesha, a single taxpayer, had the following income Salary Business Income Interest income from taxable bonds Tax-exempt bond interest TOTAL INCOME $ 80,000 25,000 10,000 5,000 120,000 INCOME: $ 9,500 20,000 29,500 DEDUCTIONS: Business expenses Itemized deductions TOTAL DEDUCTIONS a. Compute Latesha's taxable income and federal tax liability for 2018 (round to b. Compute Latesha's marginal, average, and effective tax rates. c. For tax planning purposes, which of the...
Calculation of Tax Liability, Marginal, Average and Effective Tax Rates (LO. 1) Susan is single with a gross income of $120,000 and a taxable income of $98,000. In calculating gross income, she properly excluded $10,000 of tax-exempt interest income. paid on the next dollar of income v The marginal tax rate is the rate of tax that would a. The average tax rate is the rate of tax paid on the total tax base v b. The effective tax rate...
Most questions answered within 3 hours.
-
QUESTION 1 Tamiflu is a drug used to treat influenza. A study
found that Tamiflu reduced...
asked 1 minute from now -
Which of the following would be less likely to be used to
allocate factory overhead when...
asked 4 minutes ago -
Transverse pulses travel with a speed of 195 m/s along a taut
copper wire whose diameter...
asked 3 minutes ago -
Sampling for Engineers Homework question 11.51
Suppose that Y1;Y2;Y3;Y4 denote a random sample from a
Poisson(θ)...
asked 6 minutes ago -
Which of the following is cleaved by regulated intramembrane
proteolysis (RIP)? Select any/all answers that apply....
asked 6 minutes ago -
Random characters You decide to create a program characters.py
that fills a two-dimensional list with random...
asked 18 minutes ago -
What are the major sources of error in your determination of the
molar mass? Select all...
asked 22 minutes ago -
A. Suppose your manager indicates that for a normally
distributed data set you are analyzing, your...
asked 43 minutes ago -
During the month of August, the average temperature of a lake
next to a local college...
asked 25 minutes ago -
Which of these four researchers is most likely to have made Type
1 error
Kim who...
asked 38 minutes ago -
In a performance test, each of two cars takes 8.9 s to
accelerate from rest to...
asked 39 minutes ago -
Sapphire Aerospace operates 52 weeks per year, and its cost of
goods sold last year was...
asked 43 minutes ago